UCC loses €11.2 million in 2023

[The High King]

€11.20 in loose change?
That wouldn't buy you two pints in one of Benny's pubs.

 

[Rebel CNC]

Could be wrong and no doubt there'll be more information emerge in the coming weeks and months, but I don't think that this 11.3M was identified as an over-spend on property, of which as you say they certainly aren't short.

The good or bad value of land acquired doesn't usually appear on the books. And if they spent 11.3M on say getting another building on the Mall, it would presumably just be written in as 11.3M spent, and 11.3M more in assets.

Think there's more a whiff of sulphur off this 11.3M

True - any land acquired would not impact on yearly earnings (profit or loss) unless they made a really piss poor investment(s) that they had to decrease the value of.
There is a lot of empire building there with various departments padding out their fiefdoms with extra, unnecessary staff. Flexible working hours there costing a small fortune too with very little oversight by management.
Bit of drama at Limerick a few years back with audit uncovering lavish expense claims, spurious redundancy packages, unsanctioned extra paid leave etc following claims by whistle-blowers!! Are we looking at something similar here?

 

[Sham Corkman]

The biggest driver for the overspend is most likely the people side.

This €11.2m loss news will be quickly followed by a headcount rationalisation……which in turn will be a shambles with the wrong roles curtailed. The same as all of these large institutions.

 

[SoundMan]

True - any land acquired would not impact on yearly earnings (profit or loss) unless they made a really piss poor investment(s) that they had to decrease the value of.
There is a lot of empire building there with various departments padding out their fiefdoms with extra, unnecessary staff. Flexible working hours there costing a small fortune too with very little oversight by management.
Bit of drama at Limerick a few years back with audit uncovering lavish expense claims, spurious redundancy packages, unsanctioned extra paid leave etc following claims by whistle-blowers!! Are we looking at something similar here?

Doubt it would be as blatant as what happened in Limerick tbh. But I think Limerick was the catalyst for the Irish government to say "Enough of this Governing Body full of ivory-tower type Professors with vested interest" and they brought in a new University's Act. It was under this brand new Governing Body Chairman (think it's only in place a couple of months) that it was discovered that there was an 11M hole in the accounts.

 

[SoundMan]

The biggest driver for the overspend is most likely the people side.

This €11.2m loss news will be quickly followed by a headcount rationalisation……which in turn will be a shambles with the wrong roles curtailed. The same as all of these large institutions.

A kind of "DEPUTY deputy deputy heads must roll" scenario.

It'll be interesting to see what the fallout will be and where the axe will fall on this. Wonder will whoever signed off on inaccurate accounts be censured, will the pet projects and fiefdoms be curtailed, or will it indeed just be a case of junior staff (who had no hand act or part in this financial chicanery) positions not being filled or promoted.

 

[Idle Hour]

The guys on the 240K type salaries are unlikely to be doing much research at this stage of their careers - though their names do still get put on papers. Yes they have important positions but in the main at that level I'd suggest they are now in administrative roles primarily.

Absolutely. Some of them might be 'star' academics who bring in huge amounts of prestige and/or grant money, though if that's the case they will be spending all of their time pushing other researchers through the grant application process rather than doing much research themselves. But most would be very senior administrators, who may have been good researchers once but don't have time for it now.

 

[J.R.R. hartley]

Could be wrong and no doubt there'll be more information emerge in the coming weeks and months, but I don't think that this 11.3M was identified as an over-spend on property, of which as you say they certainly aren't short.

The good or bad value of land acquired doesn't usually appear on the books. And if they spent 11.3M on say getting another building on the Mall, it would presumably just be written in as 11.3M spent, and 11.3M more in assets.

Think there's more a whiff of sulphur off this 11.3M

Any idea how much money we're talking about here?

 

[Crankycorner]

Some amount of rubbish being spouted here lads. If we were to believe some of the posts here anyone could be a Professor because students etc do all the work.

 

[Glasaboy]

Some amount of rubbish being spouted here lads. If we were to believe some of the posts here anyone could be a Professor because students etc do all the work.

Yo should phd that one Prof

 

[thegillabbeygowl]

Should have kept the old bar open.